Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en you just punch this kid one time but he hurt him pretty bad yeah let me pull my note so his name’s Michael lo have you heard of him I had not okay so Michael Loeb in the nineties I’m pulling up my notes he started this thing called synapse group and basically what they did was this was before a lot of things were popular on the Internet and so they patented I don’t know how they did this there must been something unique about it but they patented this online subscription model I don’t yeah I don’t know like how that there’s some really needy gritty things that are a little bit beyond what I’m able to understand but well so they they just create a unique way to do it and I think I don’t know exactly how it worked but basically Time magazine Meredith which is a huge magazine publisher all these magazine publishers would pay them money to get them more subscriptions because this way in which they were able to get people to renew subscriptions must have been fantastic and it worked really well I don’t understand how it worked then basically what it seems now is like a really robust affiliate network so like Meredith will cross sell Meredith which is a three billion dollar company based out of Minnesota I believe bought the company synapse for a lot of money and they deployed it across all their brands so it’s kind of he made it big through the synapse group which was a magazine subscription thing yeah it definitely made him wealthy he didn’t make him a billionaire but it made him he definitely got wealthy what made him really wealthy was with his co-founder of synapse he wasn’t sort of Christ flying and Priceline eventually I think are they are they owned by Expedia or they don’t think I’m not sure let’s just check it out looking looking so it now it’s just a huge you know huge thing so that made them very wealthy but what’s interesting is after that he started like the what used to be part of just like a rich entrepreneurs playground where they just launched companies right it’s called Loeb and Loeb NYC and they’ve started a whole bunch of companies including a company called I believe it’s called scrip relief do you know what that is no so what you do is you go to it they started companies like or they use this they used to own script relief and then they renamed it just something else but basically what you do is you go to the website and you can get discounts off of your pharmaceutical drugs and so like if you want to buy if you have Zanna X or some type of acne medicine or something like that somehow they they they get access to these deals and use that coupon code at CVS and you get a discount and it’s paid for sending CBS business and they made that business we talked about on the podcast call thanks that B to be gifting things looks like it’s in their area and a business like script relief was making something like one hundred million dollars a year in profit and so song as companies are really big now here’s another reason why he’s interesting do you ever watch that TV show billions yep love it you know the house at Bobby Axelrod okay yes that’s his house that’s Michael Loubs house okay last year or two years ago Michael Loeb had a big party like a fundraiser like a sophisticated thing and his son brought some friends along and some of the 18 year old friends got drunk and started kissing on the front new on and just looking like a fool and soullow punched one of the kids in the nose and broke his nose and might go to jail for it he just punch this kid one time but he hurt him pretty bad he’s in jail for just that they’re they’re trying to get him to go to jail for that I mean that’s assault if you Burt if you hurt someone even if you weren’t a billionaire you definitely could go to jail for that they’re trying to get him to go to jail I have a feeling he’s just gonna write a fat check I mean yeah the kid was it’s probably just a rich snobby so where’d you see this scripps thing there’s not even on their website I talked to people who worked there uh Sam do his thing investigative journalist Sam I like it just talk to people who work there so if you google and let’s see Michael Loeb Google Michael Loeb script relief it’s it’s on his LinkedIn yeah I see it now it’s renamed something else though dude say what it’s renamed - I’m checking but you know it’s logging into LinkedIn is like you know taking the first 10 steps into hell so I’m gonna try this now scrip relief was recently sold to United Healthcare over 5 million users yeah so it was sold to someone else and now it’s called something else but he just has like a web of companies and he’s just super interesting because this is gonna sound weird when you look at this guy do you do you think this guy looks like a billionaire does this guy look like a successful guy no that’s why he doesn’t he looks like a guy who would punch a kid in the face yeah he looks like a guy who’s like bitter about his life and punch the kid in the face for that reason not punch a kid in the face because he’s a billionaire and the kid pissed in his pool oh he looks like he would be punching kids in the face regardless of what his financial status was that’s why he’s interesting to me so I have such a good mugshot google his name he looks like he looks like a tough guy yeah he looks yeah he looks like a tough guy he looks like an enforcer that a billionaire would have he’s a building up he looks like a billionaires enforcer yeah that’s why I think this person was interesting because it was dang they have a picture of the kid who punched I [Laughter] did not expect to just see those two side-by-side that’s yeah this is quality this is quality Google is searching it’s good right look at that kid he definitely has a Punchbowl whole face yeah well the kid looks like he did something he’s even he’s like kind of smug in the picture he’s a broken nose he’s in the hospital shirts covered in blood he’s got a little smirk on him yeah super interesting person right yes okay I like this guy I never even heard of this guy I feel like you know a bunch of these guys that are like the either media Titans or like these other like New York you know New York rich people barely know like San Francisco or like Dubai rich people I know them because I spend time I’m on Wikipedia because my way of building businesses is I’d like to see what has worked and I I reverse engineer how it worked and I’m like all right I’m gonna deploy that on my company right and when I’m reversing name things I’ll like read about the company right well I’ll see who started it and I’m like no way that guy started it oh but he was friends with this person and they partnered previously I bet he had access to that’s probably how so like I like under so you I just like reverse-engineer things yeah I like that and then you call people which most people don’t do you get off the phone you start calling people work at the company you get that extra 10% that you needed right that’s of helps because oh I’ve made friends someone who started his thing so now if I want to meet him I I have it in right [Music]